Michael McGrath
Ceist:60 Deputy Michael McGrath asked the Minister for Finance the amount of loans drawn down to date under Ireland’s EU / IMF programme; and if he will make a statement on the matter. [30051/12]
Amharc ar fhreagraWednesday, 20 June 2012
Ceisteanna (63)
Freagraí scríofa
Under Ireland's EU-IMF Programme of Financial Support, which is due to expire at the end of 2013, a total of €67.5 billion in loans will be provided from the EU facilities, bilateral loans and the IMF. At the 15th of June 2012, Ireland's net borrowings under the EU/IMF Programme amounted to €49.42 billion. The following table gives an updated breakdown of the loans drawn-down by Ireland under the EU/IMF programme. The table incorporates the recent draw-downs from both the IMF and the Swedish bilateral loan.
|
Funding Mechanism |
Currency |
Currency Principal |
Net € drawdown |
|
Billion |
Billion |
||
|
European Financial Stability Facility |
EUR |
12.74 |
12.15 |
|
European Financial Stabilisation Mechanism |
EUR |
18.40 |
18.34 |
|
International Monetary Fund |
XDR |
15.03 |
17.23 |
|
UK Bilateral Loan |
GBP |
1.21 |
1.45 |
|
Denmark Bilateral Loan |
EUR |
0.10 |
0.10 |
|
Sweden Bilateral Loan |
EUR |
0.15 |
0.15 |
|
49.42 |
Notes
The net euro drawdown figures are net of deductions including the prepaid margin on the first EFSF disbursement and discounts applied for below par issuance and also reflect the effect of foreign exchange transactions.
These figures are for net drawdowns and include the effect of maturing and rolling over of short term EFSF financing.
XDR is the currency code used to denote the IMF’s Special Drawing Rights (SDRs), an international reserve asset which is composed of a basket of currencies consisting of the euro, Japanese yen, pound sterling, and U.S. dollar.
A summary of the nominal liabilities under the EU-IMF programme as at 15th June 2012 is as follows:
|
Lender |
Nominal Loan Amount1 |
Date of Draw Down |
Maturity Date |
Term from Date of Drawdown |
|
European Financial Stabilisation Mechanism (EFSM) |
€5.00 billion |
12-Jan-11 |
04-Dec-15 |
4.9 yrs |
|
€3.40 billion |
24-Mar-11 |
04-Apr-18 |
7 yrs |
|
|
€3.00 billion |
31-May-11 |
04-Jun-21 |
10 yrs |
|
|
€2.00 billion |
29-Sep-11 |
04-Sep-26 |
14.9 yrs |
|
|
€0.50 billion |
06-Oct-11 |
04-Oct-18 |
7yrs |
|
|
€1.50 billion |
16-Jan-12 |
04-Apr-42 |
30.2yrs |
|
|
€3.00 billion |
05-Mar-12 |
04-Apr-32 |
20.1yrs |
|
|
EFSM Total |
€18.40 billion |
11.8yrs weighted average life |
||
|
European Financial Stability Facility (EFSF) |
€4.19 billion2 |
01-Feb-11 |
18-Jul-16 |
5.5 yrs |
|
€3.00 billion |
14-Nov-11 |
04-Feb-22 |
10.2yrs |
|
|
€1.27 billion |
12-Jan-12 |
04-Feb-15 |
3.1yrs |
|
|
€0.48 billion |
19-Jan-12 |
19-Jul-12 |
0.5yrs |
|
|
€1.00 billion |
15-Mar-12 |
23-Aug-12 |
0.4yrs |
|
|
€2.80 billion |
03-Apr-12 |
03-Apr-37 |
25yrs |
|
|
EFSF Total |
€12.74 billion |
10.1yr weighted average life |
||
|
United Kingdom Bilateral Loan |
€0.50 billion |
14-Oct-11 |
14-Apr-19 |
7.5yrs |
|
€0.50 billion |
30-Jan-12 |
30-Jul-19 |
7.5yrs |
|
|
€0.50 billion |
28-Mar-12 |
28-Sep-19 |
7.5yrs |
|
|
UK Total |
€1.50 billion |
7.5yrs weighted average life |
||
|
Sweden Bilateral Loan |
€0.15 billion |
15-Jun-12 |
15-Dec-19 |
7.5yrs |
|
Sweden Total |
€0.15 billion |
7.5yrs weighted average life |
||
|
Denmark Bilateral Loan |
€0.10 billion |
30-Mar-12 |
30-Sep-19 |
7.5yrs |
|
Denmark Total |
€0.10 billion |
7.5yrs weighted average life |
||
|
International Monetary Fund |
18-Jan-11 |
Amortising: 18 Jul 2015-18 Jan 2021 |
||
|
€18.11 billion |
18-May-11 |
Amortising: 18 Nov 2015-18 May 2021 |
4.5 -10 yrs |
|
|
07-Sep-11 |
Amortising: 07 Mar 2016-07 Sep 2021 |
|||
|
16-Dec-11 |
Amortising: 16 Jun 2016-16 Dec 2021 |
|||
|
29-Feb-12 |
Amortising: 31 Aug 2016-28 Feb 2022 |
|||
|
15-Jun-12 |
Amortising: 15 Dec 2016-15 Jun 2022 |
|||
|
Overall Total |
€51.0 billion3 |
9.7yrs weighted average life |
1Non-euro liabilities are translated into euro at the rates of exchange at 15th June 2012. The net euro amount received by the Exchequer was €49.42 billion after adjustment for below par issuance and deduction of a prepaid margin (Note 2), and also reflect the effect of foreign exchange transactions.
2A prepaid margin of €0.53 billion was deducted from the loan of €4.19 billion drawdown on 1 February 2011 giving a net liability of €3.67 billion. This margin prepayment will be refunded to Ireland in 2016. The total liability of €50.46 billion included in the National Debt (€130.1 billion at 15th June 2012) takes account of this reduction.
3Short Term EFSF Funding totalling €1.48 billion maturing in 2012 is due to be replaced by longer term funding.